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Glossary

 
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Glossaries

Term Definition
Cost of Living Allowance
An automatic adjustment based upon an index that factors inflation into compensation.
Covenant Not to Compete
A promise by one party not to compete commercially against another.
Death Taxes
Currently 40% of the gross estate valued in excess of $5,000,000 at the Federal Level.
Deed of Trust
securitization for a promissory note against real property collateral.
deed-in-lieu
A method by which a property-owner may transfer real property to a lender in exchange for release of debt.
disinherit
To purposefully state that someone who would otherwise be a beneficiary of a will or a trust is not to take any portion of the estate.
domicile
Place of residency
Dominant Tenement
The landowner benefitted by an easement.
Due on Sale
A term in a promissory note and/or deed of trust requiring that the loan be paid in full if any substantial portion of the collateral is sold or transferred.
durable power of attorney
A power of attorney that survives (is "durable") the maker's incompetence.
Earn-Out Note
A form of promissory note intended to vary the payout to the seller in accordance with the business's future performance.
Easement
A property right enabling one party to use the land of another as a matter fo title which runs with the land.
Eminent Domain
A taking by the local land use authority requiring just compensation under the United States constitution.
Employees
A person subject to an employment agreement, whether written or oral.
Employment Agreement
A contract to engage an individual on a W-2 payment basis.